Yesterday, I posted an article about Monaco and asked the question if it would go to the Moon or Crash. The reason: the Monaco app release on the 31th of August, today.
As of today the Monaco App can be downloaded and a free Card pre-orderd (over 4000 cards already in queue)
Well. And it happened. Monaco crashed. Pretty hard. From an all-time high of 28$ over 20$ - before the App Release - to 11$, the price while I wrote this post.
So what is the reason?
In my opinion there are 3 reasons:
1.) Monaco was overhyped
Many highly followed Cryptotrader on twitter advertised Monaco. And with that I mean - really hyped.
Sad that it would go even higher once the app would be released. This resulted in people jumping onto the coin while it was already over an realistic price. This brings me to the next point.
https://twitter.com/WolfOfPoloniex/ (you have to scroll down to about 26th of August - that is where he was really pushing it)
2.) Monaco was overpriced
When a coin rises 300% over a small time-period purely on speculation - that is not a healthy growth and results, most of the time, in a drawback. New Monaco-Investors who bought the coin - when it already was 20$+ and even 26$+ - were scared, when the price suddenly fell back and sold out of fear.
3.) Rumours about missing Visa Logo & Scam
Monaco always advertised itself as a Visa card. But they also said countless times that they are still not approved in the program and are waiting for the approval. However due to the advertising - many people thought that they were being scammed when Monaco released it's App and Cards today - which were not Visa Approved.
You can also see this on the twitter feed (https://twitter.com/monaco_card) - there is an absurd amount of people who are constantly accusing the Monaco Team for Scamming because of the missing Visa Logo.
This shows again how dangerous it is to believe something someone else said without doing the research.
I can't give any news about this. I don't know how long it takes. But as long as there is no official statement from visa that they would not approve Monaco - they should NOT be marked as Scammers.
Here is a statement from the CEO of Monaco regarding the Visa Logo from end of May. It's not that recent but what he sad is very interesting.
"A 200 Billion Dollar company (Visa) won't just move faster for a startup like Monaco"
I'm not sure how this all will play out. I don't have a lot invested into MCO but I will stick with it - even if it's only to see how it will turn out.
And I already preordered my Card - it's free thats pretty good - and you currently get an additional 10$ bonus if you signup
What are your thoughts about this?
If you have any questions - please ask them in the comments below.
Until then - all the best,
Wolf
Only time will tell with Monaco, still hodling.
That's the spirit!
This post received a 4% upvote from @randowhale thanks to @therealwolf! For more information, click here!
TenX has a couple bugs to fix on the app and then its bye bye Monaco! lol
Crypto-card of the future!!
Just reminding you of this comment. ✌️😂
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Ive been thinking it's a hijacked coin, the developers and team had good intensions but the pump and dumpers took over.
Pump and Dump doesn't have anything to do with the team itself. I understand that it is annoying to see the price go up and down so much but it's not Monacos fault.
followed and upvoted
please follow and upvote my blogs
This post recieved a vote from @minnowpond. For more information click https://steemit.com/steemit/@minnowpond/boost-your-rewards-with-minnowpond
Well, look here, as long as they released a card that doesn't require any amount of MCO being held it is legite in my eyes. I ordered myself one of those and we will see... I honestly dont give a shit about the price of MCO as long as the card serves its porpous. Even if its not visa approved and it is hipotethically useless, it is free to get so , 'nuff said! ;-)
I have no bunghole!
Good post @therealwolf. Diggin the name too.
Im very financially literate in the traditional sense, but I'm a complete crypto n00b, so I appreciate the info.
What are your thoughts on Steem as a coin?
Do you think it will appreciate with volume over time, or is it better converted into BTC or ETH?
Thanks again.
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TokenCard also go down
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